CORRECT: Cavalier sinks into the red as restructuring costs mount, wool prices slump

Wed, 23 Aug 2017

(Fixes underlying loss reference in 4th paragraph) By Paul McBeth Aug. 23 (BusinessDesk) - Cavalier Corp sank back into the red after the overhaul of the wool carpet maker's operations proved more expensive and more prolonged than expected, raising flags over the company's ability to keep operating as a going concern. The Auckland-based company posted a loss of $2.1 million, or 3.1 cents per share, in the 12 months ended June 30, turning around a profit of $3.1 million, or 4.5 cents a year earlier. The bottom line was weighed down by...

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